A reverse mortgage is a type of loan that allows homeowners, who are typically 62 years or older, to convert a portion of their home equity into cash. Unlike a traditional mortgage where the homeowner makes monthly payments to the lender, with a reverse mortgage, the lender makes payments to the homeowner. The loan is repaid when the homeowner sells the home, moves out of the home, or passes away. It’s important to note that the homeowner is still responsible for paying property taxes, insurance, and maintaining the home. Reverse mortgages can be a helpful financial tool for seniors looking to supplement their income or cover expenses, but it’s important to carefully consider the terms and potential implications before deciding to pursue one. Call us today to get more information.
You are here: Home / Reverse Mortgages